Bogle, David A.; Campbell, Gareth; Coyle, Christopher; … - 2022
Why did shareholder liability disappear? We address this question by looking at its use by British insurance companies … from 1830 until its complete disappearance by 1975. We explore three explanations for its demise: (1) regulation and …-collected archival data, our findings suggest investors attached a risk premium to shareholder liability, and it was phased out after a …